Author: newsworm

RBI imposes Rs 1.32 crore on Punjab National Bank for rule violations

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The Reserve Bank of India (RBI) on July 5 said it has imposed Rs 1.32 crore monetary penalty on Punjab National Bank for rule violations.
The monetary penalty was imposed as bank sanctioned working capital demand loans to two State Government owned Corporations against amounts receivable from Government by way of subsidies/ refunds/ reimbursements, RBI said in a release.

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Further, the lender had also failed to preserve the records pertaining to the identification…
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Source: https://www.moneycontrol.com/news/business/banks/rbi-imposes-rs-1-32-crore-on-punjab-national-bank-for-rule-violations-12763254.html/amp

IDBI Bank stake sale may not be completed by March 2024: Government official

The stake sale in IDBI Bank may not be completed by March 2024, a senior government official said on Thursday.
Department of Investment and Public Asset Monetisation (DIPAM) Secretary Tuhin Kanta Pandey said the transaction is “on course” but there are aspects like the RBI’s fit and proper criteria which need to be complied with.
“We practically don’t think that before March, we can conclude it (IDBI Bank stake sale),” Pandey told reporters on the sidelines of an event organised by industry grouping Ficci here.
He was answering a question on whether the department will be able to achieve the target of raising Rs 51,000 crore from disinvestments this fiscal.
The government, which owns…
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Source: https://www.zeebiz.com/economy-infra/news-idbi-bank-stake-sale-may-not-be-completed-by-march-2024-government-official-264975

Bank of Baroda Q1 Update: Global business grows 8.5%, domestic retail advances up 20.9%

State-owned Bank of Baroda (BoB) on Friday (July 5) said the bank’s global business saw an increase of 8.52% year-on-year, reaching ₹23.77 lakh crore. This growth was driven by a strong uptick in global deposits, which rose by 8.83% year-on-year (YoY) to ₹13.05 lakh crore.In terms of advances, Bank of Baroda’s global portfolio also registered growth, up by 8.14% YoY to ₹10.72 lakh crore. On the home front, the bank reported a 5.25% increase in domestic deposits over the year-ago period, reaching ₹11.05 lakh crore.Domestic advances grew even more robustly, rising by 8.51% YoY to ₹8.82 lakh crore. Domestic retail advances shone brighter, surging by 20.86% over the corresponding…
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Source: https://www.cnbctv18.com/market/stocks/bank-of-baroda-q1-update-global-business-grows-8-5-pc-domestic-retail-advances-up-20-9-pc-share-price-19438999.htm/amp

CSB Bank Soars To Two-Month High After Q1 Advances Jump 18%

On the NSE, CSB Bank’s stock rose as much as 7.45% during the day to Rs 403.20 apiece, the highest since April 26. It was trading 3.52% higher at Rs 387.40 per share, compared to a 0.01% advance in the benchmark Nifty at 10:52 a.m.The share price has gained 98.67% in the last 12 months but declined 7.05% on a year-to-date basis. The total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 70.56, implying that the stock maybe overbought.Seven out of the eight analysts tracking the company have a ‘buy’ rating on the stock and one recommends ‘hold,’ according to Bloomberg data. The average of 12-month analyst price targets implies a…
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Source: https://www.ndtvprofit.com/amp/buzzing-stocks/csb-bank-shares-soar-to-two-month-high-after-q1-advances-jump-18

NIFTY50, SENSEX close flat; HDFC Bank falls 4.5% post Q1 business update

In a volatile trading session on Friday, the NIFTY50 and SENSEX closed flat. The NIFTY50 index ended the day in green, up by 0.09% or 21.70 points, while the SENSEX finished the trading session lower by 0.07% to settle at 79,996.60. Bank Nifty settled at 52,660.35, down by 0.83%. The India VIX declined by 1.24% to 12.70.
Benchmarks indices were dragged down by HDFC Bank’s 4.5% loss despite gains from Reliance and SBI. HDFC Bank’s June quarter reported muted business numbers. The upcoming budget and bank earnings will provide cues for the market this month.
Gross advances of HDFC Bank jumped 52.6% year-on-year (YoY) to ₹24.87 lakh crore in the first quarter of financial year…
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Source: https://upstox.com/news/market-news/trading/nifty-50-sensex-close-flat-hdfc-bank-falls-4-5-post-q1-business-update/article-99877/

New Chairmen Appointed for BOI, IOB, and UCO Bank

The Appointments Committee of the Cabinet (ACC) has made significant appointments for the chairmanship of several prominent banks in India. Former LIC Chairman M R Kumar has been appointed as the part-time non-official Director and non-executive Chairman of the Bank of India (BOI). Mr Kumar’s appointment comes with a term of three years, during which he is expected to bring his wealth of experience to the helm of BOI.
Appointment of Srinivasan Sridhar as IOB Chairman
In another noteworthy appointment, Srinivasan Sridhar has been selected as the part-time non-official Director and non-executive Chairman of the Board of Indian Overseas Bank (IOB). Mr. Sridhar’s appointment is…
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Source: https://currentaffairs.adda247.com/new-chairmen-appointed-for-boi-iob-and-uco-bank/

SBI marks 215th Anniversary with plantation drive

Srinagar, July 5: State Bank of India (SBI) celebrated its 215th anniversary by organising a tree planting drive at the Government Girls Higher Secondary School in Zadibal, Srinagar. The initiative, aimed at promoting environmental awareness and community engagement, saw three separate plantation events take place on the school grounds.The school management warmly welcomed SBI’s green initiative and extended their congratulations to the bank for reaching this significant milestone.

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Source: https://m.greaterkashmir.com/article/sbi-marks-215th-anniversary-with-plantation-drive/311405/amp

ICICI Bank introduces SmartLock; heres how you can use this safety feature on iMobile Pay ,Companies News, Business News

ICICI Bank iMobile App: ICICI Bank announced the launch of ‘SmartLock’, a feature enabling customers to lock/unlock multiple banking services without customer care assistance, the bank said in a press release today, June 24.
COMMERCIAL BREAKSCROLL TO CONTINUE READINGAvailable on iMobile Pay, ‘SmartLock’ allows control over internet banking, UPI, and card access with a ‘single click’. Customers can also lock/unlock the entire iMobile Pay app.
iMobile Pay is ICICI Bank’s official Mobile Banking app that offers 400+ banking services. It is accessible to both ICICI Bank & non-ICICI Bank customers for availing Loans, managing Savings Accounts, transferring funds, managing Cards, and…
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Source: https://www.zeebiz.com/companies/news-icici-bank-introduces-smartlock-on-imobile-pay-297838/amp